X|Media|Lab: Hugh Mason

Hugh Mason is a co-founder of Pembridge Partners LLP (London, Singapore), who provide finance and advice exclusively to creative industries SMEs to help their owners build and realise value.

He recommends start-ups demonstrate their traction in the marketplace and avoid getting 'big ideas' funded all in one go. “Stage the energy you put into ideas into a series of phases where you just aim to get to the next milestone in each phase.”

Hugh Mason is one of the international mentors at X|Media|Lab, Commercialising Ideas, in Auckland from May 22-24. The lab is designed to help local digital media companies get their ideas to market.

What is exciting you most right now in the digital arena?

Ideas that can get off the ground and start generating revenue / demonstrating that they have real traction in the marketplace WITHOUT requiring huge upfront investment.

What are some of the challenges of ‘commercialising ideas’ in the current economic climate?

Nobody is willing to punt big money on projects that don't demonstrably fit a market need. That is a problem for anyone trying to do something truly innovative: by definition if you are doing something different you don't know yet for sure whether the market will actually buy it.

What is your “Big Idea” for 2009?

Don't try to get 'Big Ideas' funded all in one go. Rather, stage the energy you put into ideas into a series of phases where you just aim to get to the next milestone in each phase, not to do it all in one big go.

So: create something on paper / powerpoint first that you can go round and try out on potential customers, then build a quick and dirty online service (probably with no real functionality - it could even use people behind the scenes to execute the service functionality while volumes are low) to see if you can hook in paying customers.

Use the evidence generated by your first paying customers to raise seed funding to build a 1.0 version of your service and demonstrate that revenues are building towards profitability. Only then go for a second round of big money if you really need it.  Here's a case study for how to do it.

Hugh Mason bio

Following training as a documentary TV producer-director with the BBC, Hugh Mason founded and grew a multiple-award-winning broadcast TV production company.  Finding himself as interested in the business side of running a creative company as he had previously been making films, Hugh co-founded Pembridge Partners in 2001. Instead of making complex stories about science accessible to non-specialist audiences, Hugh now applies his strategy, ideas and communication skills to help creative industries,  small-and medium-sized enterprises to visualize their futures, set a path for growth and plan their way to success.

Pembridge Partners LLP provides finance and advice exclusively to creative industries SMEs to help their owners build and realize value. Pembridge has raised or invested directly over NZ$60m, since start-up, engaging with over 1,800 SMEs in the UK, Singapore and Netherlands. Hugh specializes in building wealth in the creative sector through public sector programmes, He also is an expert in TV/Film, Design and Online business support.